Montenegro’s Economic Outlook Is Strong for 2021 & 2022
02.11.2021Official stats show that the Economic Outlook for both 2021 and 2022 is strong for Montenegro as not only has it's national debt fallen for the first time since they gained Independence, but along with their Balkan counterpart of Moldova, they will also see the highest levels of economic growth in 2021, amongst the ‘Emerging European’ nations.
Due to the increased costs relating to the Covid Global Pandemic Montenegro’s debt in 2020 reached un-sustainable levels of 103% of it’s National GDP, however thanks to a recent repayment of the Eurobond which was issued in 2016, the debt will fall to a projected 87.37% by the end of 2021, and further payments will see it’s percentage fall even further to 71.7% by the end of 2023.
Foreign debt which accounts for around €3.65bn, is mostly down to the International Highway, with the largest creditor being China’s Exim Bank – and Montenegro has already asked the EU to help them pay for this. Other large debts include the IBRD which stands at €185m and the European Investment Bank at €105m. There are already plans in place by the new government to further repay more of this debt throughout the next few years.
The Vienna Institute for International Economic studies also recently released its Autumn forecast and it expects Montenegro to growing by around 8.4% (the largest growth for the Balkan Region and ‘Emerging Europe’), and the outlook for 2022 is also positive with predictions for Montenegro growing again by around 4.8%. Part of the reason for the growth is down to Tourism, which has jumped significantly since restrictions were lifted, and will continue to do so as Montenegro increases its presence Internationally, pushes on with its ambitions of joining Europe, and continues to attract Investors to its shores.
Last year we decided to find a new home close to the sea. It was quite difficult in the beginning to make the right choice. Once we found CMM Company was a great luck! We immediately received detailed consultation on the country and purchase opportunities. Being attracted by Kotor - one of the most amazing parts of the coast, we decided to take a family trip and maybe make our dream of new home come true. As just discoverers of Montenegro, we were accepted like at home which was a one more pleasant surprise. The most important, we received all detailed information about country regions and procedure of buying property during the first few days. And how beautiful the car journeys were! Difficult choice, but when you find the home you want you can't refuse it. CMM did best to help us with this finding! All the purchase procedure passed well with CMM professional work! Now we are happy owners of a wonderful house with a Kotor bay view, being perfectly served by CMM Management company (of course, we've chosen CMM as professional house manager). Hope our friends and relatives would also move to Montenegro with the CMM help soon !!!
Kate, 22.03.2019 13:06:21
Just a brief thanks to CMM! I was buying a plot for house construction. They found the best possible options for my inquiry, replied all my questions and made full accomodation till the deal close. Responsible managers, quality service. So greatful to the Company for the job done!
Noah, 15.03.2019 13:13:00
Dear CMM team, just to leave a small feedback on the superjob you've done ! It was not an easy period for us with a child. As we had to sell our home property and decided alternatively buy some nice house at Montenegrin coast. We were truly frightened at the start. My colleague, being your customer, gave a good recommendation, so, we called the office. All the part, covering seach and purchase in Montenegro, was quickly, safe and perfectly done. Good luck and further success and propsperity to the company! Special thanks to Alexander and Snezana for professional approach!
Mariana , 06.03.2019 13:06:00
Always thought that buying property abroad isnervous and difficult task. CMM changed my mindset. I felt support and care in every step: from the first call arranged till receiving the Owner's list. I am also happy about how they make my apartment management. Now, whenever me or my family members come home to Montenegro, I am absolutely confident that my apartment is in the best condition!
Harry, 26.02.2019 13:11:00
Good day! The first time we met professionally organised step by step work with property in the Southern country. It was a nice surprise for me and my spouse. Well-established algorithms helped us to understand country, its particular features, pluses and drawbacks. Professional manager (Petar Kuzmich) helped us to avoid mistaken choice and provided a really wide number of options to choose from. We felt and still do absolutely safe while buying a house. Happy to come across with your company! Will recommend to our neighboors and family friends in first Norway home.
Alice and Andrew, 05.02.2019 13:04:00
As people from the North, we would express our gratitude to CMM team for advice and professionalism! Never met this before dealing with real estate. Perfect job, super-trained experts! Thanks Google we reached you. Now holidays only with CMM! My daughter is in love with Montenegro. Now started to persuade me to buy some flat on the coast. We know to whom to turn for professioanl help now!
Oliver, 23.01.2019 13:08:00